The essential things you need to know about home appraisals.

When it comes to buying or selling a home, an appraisal is an important step in the process. But what exactly is a home appraisal, and what should you be aware of? Let's go over the basics.

First and foremost, a home appraisal is an appraiser's opinion of the value of a home. When a lender orders an appraisal, the appraiser will come to your home and evaluate various factors, such as the condition, age, layout, views, and size of the yard. They will then compare these factors with recent home sales in the area or nearby areas to determine the home's value.

It's important to note that there is always the possibility of a low appraisal. For buyers, this can be concerning, but it's important to talk to your agent about potential options if this happens.

“A home appraisal is an appraiser's opinion of the value of a home.”

On the other hand, some sellers may be curious about getting an appraisal done before putting their home on the market. While this is possible, it's important to know that the appraisal cannot be used when a buyer comes to buy the house. The lender will still order their own appraisal to ensure impartiality.

It's also worth noting that getting an appraisal done before selling your home can be expensive, with costs sometimes reaching close to $1,000.

Overall, understanding the appraisal process is crucial when it comes to buying or selling a home. If you have any questions or concerns, feel free to reach out to me by phone or email.